The Presidential Daily Brief

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  1. Argentina Suggests Anti-Default Debt Swap

    The South American republic is taking the wheel and proposing a voluntary debt swap aimed at skirting the U.S. court ruling that apparently drove it into default. Bondholders would receive replacement shares of equivalent value, but current trustee Bank of New York Mellon would be replaced by an Argentinian bank, allowing the government to service the debt at home. President Cristina Fernandez, who tearfully charged that American vultures had treated her country “unjustly,” is eager to steer Argentina in a new direction.

    ReutersWSJ (sub), FT (sub)

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